SIGNIFICANT RESERVE LIFT AT TOMINGLEY EXTENSION PROJECT

Tomingley’s Project Reserves Surge to 664,000oz, Paving the Way for Increased Gold Production

Alkane Resources Ltd (ASX:ALK) has announced a substantial increase in the Ore Reserves and Mineral Resources at the Tomingley Gold Extension Project (TGEP), situated 3km south of its operational Tomingley Gold Operations (TGO). This development is a key milestone, integrating the project with the existing operations via an underground decline.

Highlights of the Announcement:

  • Grade Control Drilling Achievements: The recent grade control drilling at the Roswell deposit’s underground development has revealed significant high-grade gold mineralization, boosting the initial underground Ore Reserves at Roswell to 237,000 ounces.
  • Total Ore Reserve Update: With the inclusion of the anticipated open cut mining, total Ore Reserves for Roswell now stand at 450,000 ounces.
  • Mineral Resource Update: The Mineral Resource base for the TGEP has been updated to 1.17 million ounces, with internal Ore Reserves reaching 664,000 ounces.
  • Continued Exploration and Expansion: Ongoing drilling at Roswell aims to further refine and expand the underground reserves and resources. The commencement of the first stoping from Roswell is scheduled for April, pending regulatory approval of the mine management plans.

Alkane Resources Managing Director, Nic Earner, commented on the update:

The updated Roswell Reserve is the latest step in the development of the Roswell orebody as the new source of ore for Tomingley. The lift in Reserve is derived from the high-density drilling that has occurred underground at the deposit, which is ongoing. This has also enabled the optimisation of mine plans and stope designs. First stoping from Roswell is expected in April as soon as the regulator has given approval to the relevant Tomingley Management Plans. Overall project approval has been granted; approval of plans is a condition required to be met prior to operational commencement.

The higher grades expected to be mined at Roswell, together with the paste plant under construction should lift production to the run rate of 80,000 ounce per annum level. This is the first stage in the pathway to regularly producing over 100,000 ounces per year at Tomingley.

This announcement underlines Alkane Resources Ltd’s dedication to expanding its gold production capacity and highlights the Tomingley Gold Extension Project’s role in significantly contributing to the company’s future gold output.

Read the full announcement

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